Dhanlaxmi Bank today announced its foray into gold retailing business with the launch of ‘Dhan’ gold coins. The 24 carat gold coins will be available in a tamper-proof laminated pack in two denominations of 5 and 10 gram at the bank’s branches across the country.
‘Dhan’ gold coins with a purity of 99.99 per cent will carry assay certification, signifying highest purity of gold as per international standards. The gold coins are imported from Switzerland-based Pamp (Produits Artistiques Metaux Precieux) SA Geneva, one of the world’s premier gold refiners.
As a first in the industry, ‘Dhan’ gold coins will available in an elegant wooden case with aesthetic designs depicting traditional Indian mural signifying the arrival of prosperity. The launch of gold retailing marks the second phase of its bullion business, following the successful roll-out of its wholesale initiative by launching 24 carat gold bars weighing 1 kg in June.
India is the largest consumer of gold accounting for 20 per cent of the world market share. According to the World Gold Council, India had imported 918 tonnes of gold in 2010 far exceeding 2009 levels.
In 2010, global gold demand reached a 10-year high of 3,812.2 tonnes. Demand was up 9 per cent year-on-year, and marginally above the previous peak of 2008 despite a 40 per cent increase in the annual average price level between 2008 and 2010.
During the last three years, the bank’s total deposits increased from Rs 3,608 crore in 2008 to Rs 12,530 crore and advances rose from Rs 2,102 crore to Rs 9,065 crore.
